Plain English Breakdown
The bill summary does not provide detailed information on how the COLA will be calculated or if there are any caps or limits.
Indiana Bill for Pension Cost-of-Living Adjustments
This bill amends Indiana's pension rules to provide annual cost-of-living adjustments (COLA) for retired prosecuting attorneys based on changes in the Consumer Price Index.
What This Bill Does
- Provides an annual cost of living adjustment (COLA) for participants of the prosecuting attorneys retirement fund based on the percentage increase in the Consumer Price Index.
Who It Names or Affects
- Participants of the Indiana prosecuting attorneys retirement fund.
Terms To Know
- Cost-of-Living Adjustment (COLA)
- An adjustment to pension payments based on changes in the Consumer Price Index to account for inflation and maintain purchasing power.
- Consumer Price Index (CPI)
- A measure of the average change over time in the prices paid by urban consumers for a market basket of consumer goods and services.
Limits and Unknowns
- The bill does not specify any limits or caps on the amount of the COLA adjustment.
- It is unclear how the percentage increase in the Consumer Price Index will be calculated or applied to pension payments.